The Importance of Functional Interdependencies in Financial Services Systems
The events of 2007–2009 in the global financial markets clearly illustrated the need of an improved understanding of how the global Financial Services System (FSS) functions. In particular, the crisis made it clear that national FSSs, or components of such systems such as individual banks, were highly dependent on the normal functioning of other components of the global FSS. The primary goal of this chapter is to introduce a functional framework that enables a proactive identification of risk associated with outcomes of actions – either planned or already taken. Key concepts from Resilience Engineering and functional ...
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